57 O N E R E P O R T 2 0 2 2 OVERVIEW BUSINESS OVERVIEW AND PERFORMANCE CORPORATE GOVERNANCE FINANCIAL INFORMATION SUSTAINABLE BUSINESS DEVELOPMENT Assets As of 31 December 2022, the Company had Baht 64,685.5 million of total assets, decreasing by 9% from the end of 2021 mainly from lower cash and cash equivalents, right-of-use assets, aircraft maintenance reserves, and fixed assets(2) while partially offset by higher deferred tax assets. • Current assets were Baht 5,236.3 million, decreasing by 32% compared to the end of 2021. Cash and cash equivalents stood at Baht 797.8 million, dropping by 85% mainly due from net repayment in debt. Amounts due from related parties rose by 132% to Baht 2,539.9 million mainly from sales received on behalf for the Company within the AirAsia Group. • Non-current assets were Baht 59,449.2 million, declining by 6% from Baht 4,351.0 million of fixed and right-of-use assets being depreciated and Baht 1,902.9 million of aircraft maintenance reserves amortised for aircraft overhaul activities, offset by an increase in deferred tax assets of Baht 2,084.6 million mainly incurred from operating loss. Liabilities As of 31 December 2022, the Company reported total liabilities of Baht 56,731.1 million, increasing by 4% from the end of 2021 mainly from higher unearned income and accrued expenses, offset by lower liabilities under lease agreements and interest-bearing debt. • Current liabilities were Baht 21,893.1 million, increasing by 25%. Unearned income rose by 96% to Baht 4,750.9 million mainly from the improvement in travelling sentiment, while accrued expenses increased by 68% to Baht 4,137.8 million due to higher accrual for aircraft maintenance reserve. • Non-current liabilities were Baht 34,838.0 million, decreasing by 5% mainly from lower lease liabilities which dropped by 4% to Baht 30,125.4 million following lease payment during the year. • Interest-bearing debt excluding lease liabilities was Baht 7,298.8 million, down from Baht 7,664.3 million following a net repayment in debentures and borrowings. Equity As of 31 December 2022, the Company had Baht 7,954.4 million of total shareholders’ equity, declining by 53% from the end of 2021 mainly due to the deficits from the operating loss for the period partially offset by a higher share premium from the right offering and the converted debentures in the year. Overall, the Company’s interest-bearing (excluding lease liabilities) debt-to-equity and net debt-to-equity ratios equalled 0.92x and 0.82x, respectively. Asia Aviation Public Company Limited Unit: Baht million Consolidated For the year ended 31 December 2022 2021 Net cash generated from (used in) operating activities 564.0 (4,347.0) Net cash generated from (used in) investing activities (589.7) 1,283.7 Net cash generated from (used in) financing activities (4,530.7) 7,313.6 Net increase (decrease) in cash and cash equivalents (4,556.4) 4,250.3 Unrealised exchange gain (loss) on cash and cash equivalents (5.4) (1.1) Cash and cash equivalents at the beginning of the period 5,359.6 1,110.4 Cash and cash equivalents at the end of the period 797.8 5,359.6 Asia Aviation Public Company Limited Consolidated For the year ended 31 December 2022 2021 Current Ratio (excluding lease liabilities) 0.2x 0.4x EBITDA Margin (7%) (81%) Net Profit Margin (47%) (312%) Return on Assets (12%) (17%) Return on Equity (66%) (70%) Net Interest-Bearing Debt-to-Equity Ratio (excluding lease liabilities) 0.8x 0.1x Interest Coverage Ratio (excluding interest due to TFRS16) (2.8x) (4.4x) Cash Flows Key Financial Ratio (2) Fixed assets comprise property, building, aircraft, leasehold improvements and equipment.
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